What PACE Equity does

PACE Equity is a Milwaukee-based direct C-PACE (Commercial Property Assessed Clean Energy) lender founded in 2014 by Beau Engman. The company provides long-term, fixed-rate, non-recourse financing — typically with up to 30-year amortization — to commercial real estate developers, sponsors, and capital advisors across the United States. Repayments are collected via non-accelerating property tax assessments that run with the land, enabling financing for new construction, recapitalization, renovation, and green-certified building projects. Since founding, PACE Equity has funded more than $1 billion of C-PACE capital across 200+ transactions, enabling $2.7 billion in commercial development and reducing more than 1 million metric tons of carbon emissions. The firm is majority-owned by Aquarian Holdings, a diversified global holding company with $26 billion+ AUM and a $27 billion balance sheet that provides up to $1 billion of financing capacity and enables projects up to $200 million or more.

The company's product set sits on a vertically integrated platform combining direct balance-sheet underwriting, an in-house engineering and building optimization team, asset management and construction monitoring, and closings. Core products include the core C-PACE financing platform; CIRRUS Low Carbon and CIRRUS Zero Carbon programs (industry-first reduced-rate financing tied to a design specification co-developed with the New Buildings Institute); Delayed Draw C-PACE (a construction-aligned draw structure that reduces capitalized interest by 44-67%); a Large-Asset C-PACE Financing Solution for $50M+ projects; and an Integrated Senior Construction + C-PACE "Total Debt Solution" coordinated with sister-company Aquarian Real Estate Partners. Distribution operates through a nationwide network of regional originators, an inside-sales intake on pace-equity.com, a Preferred Lender Referral Program with over 400 consenting senior lenders, and an investment channel via the Calvert Impact Cut Carbon Note.

Revenue is generated through interest and principal repayments on the deployed C-PACE loan book, ongoing asset management and construction monitoring fees across the construction and post-stabilization lifecycle, and origination revenue from senior-lender referral relationships. Pricing is quote-based (not publicly disclosed), with C-PACE spreads over the 10-year UST, large-asset spreads "starting in the high 200s," and reduced rates for green-certified projects. Customers are diversified across multifamily, hospitality, senior housing, industrial/storage, office, retail, mixed-use, and cultural asset classes, with named projects ranging from $1M retrofits to $63.3M mid-construction resort financings.

Name

PACE Equity

Legal name

PACE Equity, LLC

Website

https://pace-equity.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

PACE Equity is a Milwaukee-based direct C-PACE lender providing long-term, fixed-rate, non-recourse financing to commercial real estate developers across 40+ U.S. states, backed by Aquarian Holdings' $27 billion balance sheet.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Financing

NAICS

Other Financial Vehicles (52599), Portfolio Management and Investment Advice (523940), Other Financial Vehicles (525990)

SIC

Real Estate Investment Trusts (6798), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industries

Real Estate Funds — Core (Stabilized, Income) (FSANAEAF), Real Estate Funds — Core-Plus (FSANAEAG), Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE)

Keywords

• Commercial real estate financing
• CPACE lending
• Property assessed clean energy
• Green building capital
• Construction financing

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. C-PACE Financing Interest & Principal Repayments: Primary revenue stream: long-term (up to 30-year amortization), fixed-rate C-PACE capital deployed as non-recourse loans; repayments collected via non-accelerating property tax assessments that run with the land. Direct balance sheet lending backed by Aquarian Holdings' $26+ billion AUM with $1+ billion deployed and $2 billion in committed capital.
2. Asset Management & Construction Monitoring Fees: Ongoing asset management, construction disbursement, billing, collections, compliance, and investor reporting services across the construction and post-stabilization lifecycle; functions performed by SVP of Asset Management and dedicated construction monitoring team.
3. Origination & Lending Partnership Revenue: Revenue derived from Preferred Lender Referral Program relationships with over 400 senior lenders nationwide; integration of C-PACE proceeds into bank loan proposals to differentiate their quotes and strengthen their capital stacks.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels10 records

Core offering

PACE Equity provides direct-lender Commercial Property Assessed Clean Energy (C-PACE) financing to commercial real estate developers, sponsors, and capital advisors, deploying long-term (up to 30-year), fixed-rate, non-recourse capital repaid via property tax assessments. The company operates a vertically integrated platform including in-house engineering, asset management, construction monitoring, and a $27 billion balance sheet (via Aquarian Holdings), supporting new construction, recapitalization, renovation, and green-certified building projects across multifamily, hospitality, senior housing, office, industrial, and mixed-use asset classes in 40+ U.S. states.

Product overview

PACE Equity Finance operates as a unified C-PACE financing platform with a core Commercial Property Assessed Clean Energy (C-PACE) lending product and a portfolio of named sub-products and modules that extend its capabilities. The core C-PACE Financing offering is a direct-lender, balance-sheet-backed solution providing long-term, fixed-rate, non-recourse capital for commercial real estate, supported by a $27 billion balance sheet through majority owner Aquarian Holdings. Around this core sit several specialized programs: the CIRRUS Low Carbon and CIRRUS Zero Carbon sub-brands (which reward green-certified and net-zero buildings with reduced financing rates), the Large-Asset C-PACE Financing solution (targeting $50M+ developments with deferred payments and flexible prepayment), the Delayed Draw C-PACE structure (customized construction-period draws to reduce capitalized interest), the Integrated Senior Construction + C-PACE Total Debt Solution (combined senior + C-PACE execution with partner Aquarian Real Estate Partners), and the Cut Carbon Note investment vehicle (a Calvert Impact-issued fixed-income product funding CIRRUS Low Carbon projects). Together these products form a vertically integrated platform delivering upfront structuring, in-house engineering, asset management, and turn-key underwriting to close.

Differentiator

Problem solved

Functional benefit

Brands

• CIRRUS C-PACE: A PACE Equity Finance financing program offering reduced interest rates for developers and building owners whose projects meet a low-carbon design specification developed with the New Buildings Institute. Includes CIRRUS Low Carbon and CIRRUS Zero Carbon tiers.

Products and services

• C-PACE Financing (Core Platform) Long-term, fixed-rate, non-recourse C-PACE financing for commercial real estate developers and sponsors. Repayments made through a special property tax assessment that runs with the land. Direct lender backed by Aquarian Holdings' $27 billion balance sheet with $1+ billion funded across 200+ transactions.
• Delayed Draw C-PACE Tailored construction-period C-PACE distribution matching construction milestones over up to 24 months for projects with $10M or more C-PACE funding. Interest accrues only on drawn funds, reducing capitalized interest by 44-67% versus traditional lump-sum C-PACE.
• CIRRUS Low Carbon C-PACE Reduced-interest C-PACE financing for green-certified buildings (LEED, Green Globes, Passive House, Phius, GBI Journey to Net Zero). Design specification co-created with New Buildings Institute. Projects achieving qualifying certifications receive reduced financing rates as a reward for high-performance, lower-carbon design.
• CIRRUS Zero Carbon First whole-building ECI (Embodied Carbon Intensity) target-based C-PACE initiative in the U.S. Offers significantly reduced capital cost when a building reaches net carbon emissions by optimizing energy-consuming systems and generating renewable energy to offset remaining energy use.
• Large-Asset C-PACE Financing Flexible C-PACE financing solution for large asset developments of $50 million or more. Features deferred payments up to four years, prepayment flexibility aiming for 0% penalty after five years, and competitive pricing with spreads starting in the high 200s over the 10-year UST. Serves as lower-cost alternative to bridge or mezzanine loans.
• Integrated Senior Construction + C-PACE (Total Debt Solution) Combined senior construction financing (from partner Aquarian Real Estate Partners or other senior lenders) and C-PACE financing executed through a fully coordinated underwriting and closing process. Enables higher LTC, lower blended cost of capital, and greater execution certainty through single diligence package and synchronized credit process.
• Cut Carbon Note (Investment Product) Secured, investment-grade rated fixed-income product issued by Calvert Impact Capital that funds PACE Equity Finance CIRRUS Low Carbon buildings. Surpassed $100 million across three issuances with over 100 investors. Accessible to institutions and individuals starting at $1,000 in brokerage accounts.
• CPACE Preferred Lender Referral Program Program for senior mortgage lenders to incorporate C-PACE financing into their loan proposals and differentiate quotes in competitive CRE lending. Offers nationwide origination platform access, integrated execution with in-house structuring/engineering/servicing, and DSCR/leverage alignment with lenders' underwriting standards.

Quantifiable outcome

• Delayed Draws reduced projected capitalized interest by 44% on senior housing project ($3.6M to $2.0M) and by 67% on $27M multifamily allocation ($3M to $980K)
• +6 more outcomes

Named customers32 records

Segments9 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature6 records

Partnerships

Ten partnerships are on record, tiered flagship / strategic, strategic, minor / membership and core.

• Aquarian Real Estate Partners (AREP)flagship / strategicStrategic or Co-development Partner · 1 January 2026Real estate investment arm of Aquarian Holdings, AREP partners with PACE Equity on an integrated senior construction + C-PACE financing solution. First transaction closed January 5, 2026 for the 436-unit Jefferson Ownsby Complex in Celina, TX. The combined structure provides a stretch-senior execution at below-market blended terms. AREP launched October 1, 2025.
• Green Building Initiative (GBI)strategicStrategic or Co-development Partner · 1 April 2025GBI announced inclusion of Green Globes® and Green Globes Journey to Net Zero™ certification systems in PACE Equity's CIRRUS C-PACE program. Projects achieving Green Globes for New Construction certification or Journey to Net Zero Recognized/Certified status are automatically eligible for a reduced-cost financing capital. To date, GBI has certified over 800 million square feet of commercial real estate.
• Calvert Impactflagship / strategicStrategic or Co-development Partner · 1 January 2022Calvert Impact Capital issues the Cut Carbon Note®, a secured, investment-grade, fixed-income product that funds PACE Equity Finance CIRRUS Low Carbon buildings. Third issuance completed in March 2025 surpassed $100 million in investments and 200,000 metric tonnes of carbon savings; 60% of projects meet the new CIRRUS™ Low Carbon Standard. The program is accessible to institutions and individuals starting at $1,000 in brokerage accounts and is ultimately expected to grow to $400 million.
• New Buildings Institute (NBI)strategicStrategic or Co-development Partner · 1 January 2022Portland, Oregon-based sustainability think tank that partnered with PACE Equity to co-develop the CIRRUS Low Carbon design specification. NBI provides technical support and verifies buildings pursuing CIRRUS Low Carbon, giving owners and occupants assurance of lower energy costs and lower carbon footprint.
• U.S. Green Building Council (USGBC)minor / membershipStrategic or Co-development PartnerPACE Equity is a USGBC member; USGBC LEED certification is one of the certifications that automatically qualifies a project for the reduced CIRRUS C-PACE financing rate.
• Better Buildings Challenge (U.S. Department of Energy)strategicStrategic or Co-development PartnerPACE Equity is a partner/participant in the U.S. DOE Better Buildings Initiative, having received the 2025 Finance Innovation Award. The Better Buildings Challenge logo is displayed on PACE Equity's website.
• C-PACE AlliancestrategicStrategic or Co-development PartnerIndustry alliance for C-PACE; PACE Equity is a member (logo displayed on site) and has won multiple C-PACE Alliance awards including Innovation in Efficient Financing (2x), Environmental Impact Deal of the Year 2022, and C-PACE Deal of the Year 2021.
• Sustainable Business Council (SBC) / Wisconsin Sustainable Business CouncilstrategicStrategic or Co-development PartnerPACE Equity is recognized at the 'Maturing' level within the SBC Green Masters Program and is a member of the Sustainable Business Council. Tricia Baker is a board member of the Wisconsin Sustainable Business Council. PACE Equity has won Innovative Service of the Year (2x Winner).
• Brown Gibbons Lang & Co. (BGL Real Estate Advisors)coreImplementation/ SI/ Consulting PartnerInvestment banking firm that arranged financing for the Hall of Fame Village office component alongside PACE Equity and ERIEBANK. Engman commented: 'Having worked with BGL on multiple transactions, they are able to get ahead of complex issues quickly and bring resolutions to the closing team.'
• Senior Lenders (400+ national, regional and local banks)coreChannel Partner/ Reseller/ DistributorOver 400 senior lenders have consented to C-PACE financing in capital stack alongside $4.5+ billion in senior debt. PACE Equity's Preferred Lender Referral Program (led by Director Eli Terry) offers banks a strategic capital partner model to differentiate their loan proposals and access PACE Equity's nationwide origination platform.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Generate Capital: Generate Capital is a sustainable infrastructure and building financing platform deploying institutional capital into energy efficiency, green building, and decarbonization projects. Overlaps with PACE Equity in green-certified commercial real estate financing and competes for sustainability-aligned developer mandates.
• Walker & Dunlop: Walker & Dunlop is one of the largest U.S. commercial real estate finance companies, with a growing capital markets and C-PACE-adjacent practice. Operates broadly across CRE lending and is increasingly relevant to PACE Equity as a senior debt partner and competitor for large institutional commercial real estate originations.

Direct peers

• Counterpointe Sustainable Real Estate: CounterpointeSRE is a C-PACE direct lender serving commercial real estate developers with similar long-term, fixed-rate financing. Directly comparable to PACE Equity's core C-PACE product offering and target customer base of developers, sponsors, and capital advisors.
• Nuveen Green Capital: Nuveen Green Capital is a major institutional C-PACE direct lender (subsidiary of Nuveen/TIAA) competing head-to-head with PACE Equity for commercial real estate C-PACE mandates, including large-asset and green-certified deals. Both firms emphasize balance sheet scale and green-financing differentiation.
• Greenworks Lending: Greenworks Lending is a C-PACE direct lender focused on commercial real estate, providing similar fixed-rate, long-term, non-recourse financing to developers and property owners. Overlaps with PACE Equity on multifamily, hospitality, and mixed-use asset classes.
• Ygrene Energy Fund: Ygrene is one of the largest U.S. PACE financing providers, with growing commercial C-PACE exposure alongside its residential PACE franchise. Competes with PACE Equity for commercial real estate PACE originations and shares the legislated tax-assessment-based repayment mechanism.
• Petros PACE Finance: One of the largest U.S. C-PACE direct lenders, Petros PACE Finance directly competes with PACE Equity on commercial real estate C-PACE originations across multiple asset classes and states. Both firms position themselves as balance-sheet-backed C-PACE lenders serving developers and sponsors with long-term, fixed-rate, non-recourse capital.
• PACE Loan Group: PACE Loan Group is a commercial C-PACE direct lender serving developers, property owners, and capital providers. Comparable to PACE Equity in product structure (fixed-rate, long-term, non-recourse C-PACE) and target customer segments across multifamily and commercial real estate.
• CleanFund: CleanFund is a commercial PACE lender providing long-term financing for energy efficiency, renewable energy, and seismic improvements in commercial real estate. Directly competes with PACE Equity on C-PACE originations across multiple states and asset classes.

Others

• Aquarian Real Estate Partners (AREP): AREP is the real estate investment arm of PACE Equity's parent company, Aquarian Holdings, launched October 2025. AREP is a sister firm rather than a competitor, partnering with PACE Equity on integrated senior construction + C-PACE Total Debt Solutions; included here to highlight the strategic Aquarian ecosystem within which PACE Equity operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC4Yu-JWJXWNw-W1pDwI2yMw
• LinkedInlinkedin.com/company/pace-equity-llc
• Xx.com/pace_equity

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PACE Equity